NZD/USD Price Analysis: Holds on to post-RBNZ FSR, NZ Employment run-up beyond 0.7150
- NZD/USD stays well bid as strong NZ jobs report supersedes RBNZ’s cautious optimism.
- MACD teases bears below weekly falling trend line but 50-day SMA, monthly support line keeps bears away.
NZD/USD pokes intraday high during the latest run-up to 0.7170, up 0.37% on a day, amid early Wednesday.
The kiwi pair earlier jumped over 20 pips following the strong beat of the first quarter (Q1) employment figures from New Zealand. It’s worth mentioning that the Reserve Bank of New Zealand’s (RBNZ) bi-annual Financial Stability Review (FSR) struck mixed comments but were mostly ignored by the NZD/USD traders.
Read: NZD/USD jumps over 20 pips toward 0.7200 on upbeat New Zealand Q1 employment report
That said, the pair’s successful bounce off the 50-day SMA and one-month-old support line battles a short-term resistance amid recently bearish MACD signals.
Hence, an area between 0.7185 and 0.7120, comprising a nearby resistance line and a bit longer support trend line respectively, could keep teasing NZD/USD traders.
Inside the area, buyers can stay hopeful until the quote remains above the 50-day SMA level of 0.7140.
It should, however, be noted that a clear upside break of 0.7185–20 region will challenge April top around 0.7290 whereas a downside trading below 0.7120 could recall a support area surrounding 0.7070.
NZD/USD four-hour chart
Trend: Sideways
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
